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GRAINS

December corn was steady to fractionally higher overnight following. The low-range trade overnight sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices possible near-term. If December extends the decline off July's high, May's low crossing at 3.63 3/4 is the next downside target. Closes above last-Tuesday's gap crossing at 3.92 3/4 would confirm that a short-term low has been posted. First resistance is last-Tuesday's gap crossing at 3.92 3/4. Second resistance is the 20-day moving average crossing at 4.00 1/4. First support is Tuesday's low crossing at 3.68 1/4. Second support is May's low crossing at 3.63 3/4.

December wheat was lower overnight as it extends the decline off June's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off June's high, the 87% retracement level of the May-June-rally crossing at 4.58 1/2 is the next downside target. Closes above the 20-day moving average crossing at 4.87 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.87 1/2. Second resistance is the 50-day moving average crossing at 5.13. First support is the 87% retracement level of the May-June-rally crossing at 4.58 1/2. Second support is May's low crossing at 4.42 1/4.

December Kansas City Wheat closed down 4 3/4-cents at 4.02.

December Kansas City wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off June's high, weekly support crossing at 3.82 is the next downside target. Multiple closes above the 20-day moving average crossing at 4.29 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.13 1/2. Second resistance is the 20-day moving average crossing at 4.29 1/2. First support is last-Wednesday's low crossing at 3.97 1/2. Second support is weekly support crossing at 3.82.

December Minneapolis wheat was steady to fractionally lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off June's high, psychological support crossing at 5.00 is the next downside target. Closes above the 20-day moving average crossing at 5.27 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.20. Second resistance is the 50-day moving average crossing at 5.27 3/4. First support is the overnight low crossing at 5.14. Second support is psychological support crossing at 5.00.

SOYBEAN COMPLEX? 

November soybeans were higher in overnight trading. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If November resumes the decline off June's high, the 75% retracement level of the May-June-rally crossing at 8.48 1/2 is the next downside target. Closes above last-Tuesday's high crossing at 8.96 3/4 are needed to confirm that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 8.96 3/4. Second resistance is July's high crossing at 9.36 1/2. First support is the 62% retracement level of the May-June-rally crossing at 8.66 1/4. Second support is the 75% retracement level of the May-June-rally crossing at 8.48 1/2.

December soybean meal was higher overnight while extends this month's trading range. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Wednesday's high crossing at 306.30 are needed to confirm that a short-term low has been posted. If December resumes the decline off June's high, May's low crossing at 291.60 is the next downside target. First resistance is last-Wednesday's high crossing at 306.30. Second resistance is the 50-day moving average crossing at 313.00. First support is the 87% retracement level of the May-June-rally crossing at 297.40. Second support is May's low crossing at 291.60.

December soybean oil was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling a short-term top is in or near. Closes below the 50-day moving average crossing at 28.74 would confirm that a short-term top has been posted. If December resumes the rally off August's low, the 75% retracement level of the February-May-decline crossing at 30.79 is the next upside target. First resistance is the 62% retracement level of the February-May-decline crossing at 30.12. Second resistance level is the 75% retracement level of the February-May-decline crossing at 30.79 First support is the 50-day moving average crossing at 28.74. Second support is August's low crossing at 27.88.